PAYE and CIS

[SJB33]

Hi,

I'm just about to reconcile the year end accounts for CIS and PAYE. The company always suffers more CIS deductions than that paid, or PAYE. So when I do the year end do I offset each account in the ledger (ie PAYE, employers NI and cis deductions etc) with each other so the only balance remaining is the amount in CIS deductions that is due back to the company?

Sorry if this isn't making too much sense, I'm not 100% sure how to explain it.

Sarah

 

[Tom McClelland]

Sounds right to me. The HMRC control account would be debtor to the extent of the difference between CIS Suffered and PAYE/NI/CIS deductions

 

[MyAccountantOnline]

Hi,

I'm just about to reconcile the year end accounts for CIS and PAYE. The company always suffers more CIS deductions than that paid, or PAYE. So when I do the year end do I offset each account in the ledger (ie PAYE, employers NI and cis deductions etc) with each other so the only balance remaining is the amount in CIS deductions that is due back to the company?

Sorry if this isn't making too much sense, I'm not 100% sure how to explain it.

Sarah

Yes you do.

 

[US_US_Taxes]

Sarah by the sounds of it you already have a strong grasp of the process, well done!!